Philly: Your Best Buy On the East Coast

We could have already told you that Philadelphia is an amazing place to live. With the food, the history, and the pop culture notoriety, we’ve got a lot going for us. Turns out, however, that there’s at least one more reason to jump for joy as a would-be resident: when you buy here, you’re calling the shots.

Welcome to the city! Who don’t you stay a while? Photo: Creative Commons

Real estate aggregator Zillow analyzed major metro markets in the U.S. to determine the country’s best buyer and seller markets. Guess who come in at second place on the buyer list? Yep, that would be us. Given that the plum spot went to Cleveland – side note: come on, really? – that makes Philadelphia tops for buyers on the East Coast.

Zillow used multiple factors to gather data and analyze relative buyer/seller strength in major markets: trends in pricing, home inventory levels, and how long houses tend to linger on the market. Top buyer markets have high inventory and a lower selling price with respect to the original listing price. Top seller markets, on the other hand (of which three “San-” cities – Jose, Francisco, and Antonio – led the list), have fewer homes for sale, quick turnover, and final selling prices higher than the list price. It’s all about who holds more power in the seemingly-interminable negotiation tango between buyers and sellers. For buyers looking to settle down on the East Coast, it doesn’t get better than Philly.

Data indicated that, in general, this part of the country may be better for buyers overall, with the West Coast favoring sellers. Quote the great bard Dre: “East Coast killer, West Coast killer.” Both sides have their appeal, and you can certainly find ample justification – lyrically or otherwise – for the superiority of each. With all that said? Let’s be real. This is where it’s at. Philadelphia is phenomenal, and now is an amazing time to buy.